Audit and assurance

Baker Tilly provides audits of financial statements, federal award programs, and retirement plans to over 60 higher education and research institutions located throughout the United States.

An audit is generally performed to provide assurance to third parties. Our industry specialization enables us to simultaneously look for ways to improve an institution’s operations, increase efficiencies, and strengthen internal controls. Our experienced team ensures that our clients do not need to "train" our auditors. As a result of our industry specialization, along with our goal to provide exceptional client service, the value of a Baker Tilly audit is enhanced.

Client experience: Driving value through a college audit

Institutional challenge

A college wanted an external audit provider that understood the complex financial and accounting practices of colleges and universities, including alternative investments, federal award programs, and retirement plans. The college did not want to "teach" its audit team the dynamic operations of its business. Further, recent statutory and administrative changes in the rules governing 403(b) plans meant that the college was encountering new challenges to ensure that its 403(b) retirement plan satisfied the complex requirements outlined by both the Internal Revenue Code (IRC) and the Employee Retirement Income Security Act (ERISA). The institution also wanted the audits completed in a timely manner so that the results could be presented at the next audit committee meeting.

Capabilities provided

Baker Tilly’s industry-focused higher education team provided the college with experienced auditors who understood the higher education industry and were knowledgeable about audits of financial statements (including alternative investments), federal award programs, and retirement plans. 

Results

Baker Tilly was engaged to audit the financial statements, federal award programs, and 403(b) retirement plan. The audits were completed in a timely manner with the results presented at the next audit committee meeting. Baker Tilly also provided practical, applicable, and meaningful management letter comments that helped to improve the college’s financial management processes. 

Additional audit and assurance capabilities

  • Agreed upon procedures engagements
  • Bond letters
  • Compliance and Regulatory Audits (e.g., OMB Circular A-133 (Single Audit), Yellow Book, Department of Housing and Urban Development (HUD), benefit plans, student aid, and state grants)
  • Financial statement audits, reviews, and compilations
  • Implementation of new accounting standards
  • Internal control reviews